Gap Detector [MS]

19 Okt

This indicator helps traders identify and visualize price gaps in market data. When price movements create gaps between trading sessions or periods, the script highlights these areas with colored clouds and markers.

Key Features:

• Automatically detects price gaps based on a customizable gap percentage threshold
  
• Visualizes gaps using color-coded clouds (green when price moves upward, red for downward price action)
  
• Places small triangle markers at gap locations for easy identification of gaps, and if many happen close together
  
• Shows gray clouds when price is within the last gap
  

Use it For:

• Watching for gap-fills
  
• Gap support/resistance levels
  
• Trading gap breakouts
  
• ...and more
  

How it Works:
The script compares each bar's opening price with the previous bar's closing price. A gap is identified when the opening price is significantly different from the previous close (beyond the user-defined gap percentage). The gap area is then marked with a colored cloud:

• Green clouds: Show gaps where price jumped higher
  
• Red clouds: Show gaps where price dropped lower
  
• Gray clouds: Indicate price action within the gap
  

Settings:

• Gap %: Controls the minimum price difference required to identify a gap (default 0.01 or 1%)
  

This indicator can help traders:

• Identify potential support/resistance levels at gap areas
  
• Monitor gap-filling scenarios
  
• Spot significant price movements between trading sessions
  

The script is designed to work across all timeframes and markets.